Oil falls in a context of concern for Trump and OPEC forecasts

Ecuadornews:

Oilprices fell on Tuesday, November 13, 2018 in European exchanges, in a day inwhich US President Donald Trump asked OPEC not to reduce its production and thecartel revised down its forecasts on the demand.

Ataround 3:00 pm GMT, the barrel of Brent of the North Sea for delivery inJanuary was trading at $ 68.51 on the Intercontinental Exchange (ICE) inLondon, which means a drop of $ 1.61 from Monday’s close.

On the New York Mercantile Exchange (Nymex), the barrel of “light sweet crude” (WTI) for the contract in December fell $ 1.49 to $ 58.44 an hour after the opening.

TheOrganization of the Petroleum Exporting Countries (OPEC) published a report onTuesday where it predicts that world demand will grow by 1.5 million barrelsper day (mbd) this year, 40,000 barrels per day less than its forecasts lastmonth.

Thetotal demand would reach 98.79 mbd. The oil cartel is worried about the excesssupply. (I)

Source: https://www.expreso.ec/economia/opep-petroleodonaldtrump-precios-mercados-YB2470643